The National Insurance Commission (NAICOM) has declared that Insurance companies across the country have up to September 30, 2021, to complete their recapitalization process. The Commission also segmented the ongoing recapitalisation process for insurers and reinsurers, directing them to meet 50 and 60 per cent respectively of their minimum paid-up share capital by December 31, […]
The National Insurance Commission (NAICOM) says it has received four new applications from companies intending to go into insurance brokering businesses. The commission named the applicants in a public notice as including Oremus Insurance Brokers Limited Lagos, Assent Insurance Brokers Ltd Ibadan, YOA Reinsurance Brokers Limited Lagos and Swat Insurance Brokers Limited, Abuja. If their […]
President Muhammadu Buhari has approved the appointment of Mr Sunday Thomas as the substantive Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM). Mr Thomas replaced immediate past commissioner for Insurance/CEO, Mallam Mohammed Kari, as Acting Commissioner for insurance/CEO of the National Insurance Commission in July 2019. President Buhari appoints NAICOM, NDIC board members Thomas, […]
President Muhammadu Buhari has approved the appointment of Mr Sunday Thomas as the substantive Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM). Mr Yunusa Abdullahi, Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning disclosed this in a statement in Abuja on Sunday. Thomas replaced Malam Mohammed Kari, who […]
In a bid to ensure that insurance business and policyholders are protected during the COVID-19 Movement Restriction, the National Insurance Commission (NAICOM) on Wednesday rolled out regulatory forbearance for the industry. This is contained in a circular to insurance operators with referenced numbers, NO: NAICOM/DPR/CIR/29/2020, 01 April 2020 signed by the Director Policy and Regulation, […]
National Insurance Commission (NAICOM) has granted some regulatory forbearance, as part of business continuity measures to ensure availability of insurance services and protection of insurance policy holders during the COVID-19 movement restriction. This is contained in a circular issued by the commission on Wednesday in Lagos. READ ALSO: APC chieftain decries up-surge in prices of […]
The National Insurance Commission (NAICOM) has announced the approval of some palliatives to insurers to help cushion the effects brought about by the deadly coronavirus (COVID-19). This is contained in a circular signed by its Director, Policy & Regulation, Pius Agboola, for the Acting Commissioner for Insurance, Sunday Thomas, numbered: NAICOM/DPR/CIR/27/2020, dated, March 24, 2020. […]
Temitope Adebayo The Consolidated Hallmark Insurance has revealed its laid down plans on how it will attain the new recapitalization directive NAICOM gave earlier. In exercise of its statutory powers and regulatory functions, NAICOM had on May 20, announced an increase in the minimum capital for insurance companies in Nigeria. The review is to take […]
Senior civil Servants in the country have threatened to go on strike over alleged breach of public service rules and non-implementation of agreements entered into with the management of National Insurance Commission, NAICOM. The senior workers under the aegis of Association of Senior Civil Servants of Nigeria, ASCSN, have specifically given a seven-day ultimatum to […]
In a matter of days, the National Insurance Commission (NAICOM) workers may be out of work, as the joint council of the Association of Senior Civil Servants of Nigeria (ASCSN) NAICOM Unit, and the Joint National Public Service Negotiating Councils (JNPSNC) have already approved the workers intention to embark on an indefinite strike. The workers […]
As part of efforts to deepen financial inclusion through insurance, the National Insurance Commission (NAICOM) is to launch Nigerian Insurance Industry Development Plan (NIIDP). The Commissioner for Insurance (CFI), in Nigeria, Alhaji Mohammed Kari, disclosed the plan on Monday at the opening ceremony of the 2018 National Insurance Conference in Abuja. He said that the […]
Federal Government has inaugurated the Governing Boards of the National Insurance Commission (NAICOM), Nigerian Customs Service (NCS), Nigerian Export Import Bank (NEXIM) and Agricultural Credit Guarantee Scheme Fund (ACGSF). The Minister of Finance, Mrs. Kemi Adeosun who inaugurated the Boards on Thursday at the Ministry’s Auditorium in Abuja charged the Members, especially Chairmen on Accountability […]
The Nigerian National Petroleum Corporation (NNPC) said that 577 firms have indicated interest to secure the insurance renewal contract for its oil and non-oil assets. In a statement signed by Mr. Ndu Ughamadu, Group General Manager, Group Public Affairs Division, on Sunday on Abuja, it said the bidding was part of corporation’s effort to ensure […]
There are indications that some policy of Nigerian financial system may be reversed, one of which is incorporating insurance products marketing into banking businesses. This was revealed recently by the National Insurance Commission (NAICOM) which gave hope that Bancassurance may be reversed after its engagement with the Central Bank of Nigeria (CBN). The National Insurance […]
The National Insurance Commission (NAICOM) says it is playing its role in ensuring that insurance companies comply with the set rules and laws of the industry. Mr Ahmad Adamu, Deputy Director, Enforcement and Compliance, NAICOM, said this in an interview with newsmen in Abuja yesterday. “We have been of much assistance to the insurance companies […]
Without mincing word, the growth in the Nigeria insurance industry under President Goodluck Jonathan’s administration is highly commendable as it recorded almost N1 trillion in its Gross Premium Income (GPI) between 2011 and 2014. The GPI, which amounted to N965 billion, grew by 14.8 per cent, from the N840 billion recorded within a period of […]
The National Insurance Commission (NAICOM) has reiterated its commitment to increasing the level of awareness of insurance operators in readiness for full scale smooth implementation of Risk Based Supervision (RBS). Mahammed Kari, Deputy Commissioner Technical, NAICOM, disclosed this at a day seminar hosted by Munich Re Africa in Lagos, that the Commission was responsible […]
The National Insurance Commission (NAICOM) on Tuesday had its Takaful Advisory Council (TAC) inaugurated by the Minister of State for Finance, Mr. Bashir Yuguda, to ensure a financially inclusive insurance sector. The council will provide Sharia compliant insurance policies that will complement Nigerian banks practicing Islamic financing. Yuguda said that for an economy to thrive, […]